Groups of individualsMembers of Co-operative SocietiesIndividuals not more than 55 years of age.However Individuals may be considered at the age of 60 provided their legal heirs join along with them. Loan must be liquidated before attaining 70 Years of age.

For salaried individual:A permanent job with a minimum of 2 or 3 years serviceFor self-employed professional:

A minimum period of three years of activity in the related field

PurposeTo buy, build or renovate flat/house.

Quantum of loan75% to 90% of the cost of the house/flat excluding Registration and Documentation charges. The amount depends on your age and repayment capacity. Up to 30% of the loan amount given for purchase of plot.

MarginMargin ranges from 10% to 25% of the estimated cost (including the cost of the land) for new as well as old houses/flats, depending upon the loan quantum.

Repayable in equated monthly installments for a maximum period of 30 years.

No Pre payment charges.

Holiday period A maximum holiday period of 18 months from the date of first disbursement or completion of construction - whichever is earlier. In case the house is purchased, the holiday period is 3 months.

Security

First mortgage on the property to be bought, constructed or renovatedThe land should be in the applicant's name or jointly with spouse who should be a co-obligantShould have a clear and marketable title over the propertyshould have comprehensive insurance on the property for adequate valueAdditional security in the form of NSC, LIC, Units of UTI will also be accepted

An application form Salary certificate as a proof of income (for employed individuals) Proof of income (for professionals, business people etc.) Agreement for sale of house/flat. Proof of membership (for co-operative societies etc.)Proof for experience in the line of activity (for professionals, business people etc.) Estimates for Construction/Valuation Report for Acquisition/Legal opinion on the Property from Bank approved Engineer/Lawyer. Download the application form.Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing While all efforts have been made to update the information, constituents are requested to contact the branches for latest details.